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House lawmakers officially ask Facebook to put Libra cryptocurrency project on hold
House Democrats are requesting Facebook halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system.
Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, hinted at a move like this last month shortly after the project was announced. Waters's letter today, sent to Facebook's CEO Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg, and Calibra CEO David Marcus, formalizes that request from a few weeks ago. Aside from Waters, the letter is signed by House Finance's subcommittee leaders.
"If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability," Water writes. "These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past."
"[Libra] could pose systemic risks that endanger US and global financial stability."
[...] "We look forward to working with lawmakers as this process moves forward, including answering their questions at the upcoming House Financial Services Committee hearing," a Facebook spokesperson told The Verge Tuesday.
(Score: 2, Interesting) by Ethanol-fueled on Saturday July 06 2019, @12:05AM (2 children)
More like the Jews stabbed democrats in the back in getting Trump elected. Without the Jews, democrats have nothing except welfare votes from third-world filth. Facebook are Jewish. Expect to see more subtle rebellion towards the Jews, from the Democrats. But naming the jew is touchy business...which is why anybody who wants to name the Jew must do so subtly.
(Score: 1) by fustakrakich on Saturday July 06 2019, @12:39AM
Nah, it's just congress wanting their cut. It's plain old extortion.
La politica e i criminali sono la stessa cosa..
(Score: 1, Funny) by Anonymous Coward on Saturday July 06 2019, @05:11AM
This is nonsense. With the democratic party managing to attract unifying, articulate, and intelligent political philosophers such as Alexandria Ocasio-Cortez and Ilhan Omar, the future of the party has never been brighter. I mean in recent times I've found myself further disenfranchised from the democratic party, but Miss Ocasio Cortez making those faces in front of a fence and sharing them on social media... that really just made me reflect not only upon my philosophy, but the very nature of political philosophy itself. Locke, Adams, Jefferson.. they would be proud to finally such individuals truly capable of carrying on the great legacy they established so long ago for this nation. Bravo democrats, bravo. It's been a long time. I look forward to seeing Miss Ocasio-Cortez in the Whitehouse in 2028! In the mean time her economic prowess, which figures such as Milton Friedman could only aspire to, within the house can help finally stabilize and create a permanently sustainable economic state for this great nation.